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Cardano Millionaire Whales on Steady Buying Spree as ADA Price Teases Next Move

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Fri, 7/07/2023 - 13:41
Cardano Millionaire Whales on Steady Buying Spree as ADA Price Teases Next Move
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Data from on-chain analytics firm IntoTheBlock suggests that Cardano millionaire addresses are accumulating despite the sideways price action seen on ADA of late.

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ADA is currently engaged in sideways trading after dipping to lows of $0.22 on June 10. At the time of writing, ADA was down 1.79% in the last 24 hours to $0.289.

Cardano's range-bound trading between $0.253 and $0.305 enables a consolidation period that might reestablish positive momentum.

Per IntoTheBlock data, Cardano (ADA) millionaire addresses have increased their holdings in the last 30 days. Specifically, Cardano millionaires, or those who own 100 million to 1 billion ADA, have grown their holdings the most in the last 30 days, with a 3.19% increase in their balances.

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Cardano (ADA): Key Metrics Jump to Yearly Highs, What This Means for Price

Cardano (ADA) seems to be seeing accumulation from different tiers of address holders. IntoTheBlock data suggests that Cardano addresses with a balance between 10,000 and 100,000 ADA have increased their holdings in the past month, adding 50 million ADA.

A peek at other tiers of holder addresses suggests mild accumulation, which might reflect the belief that the ADA price might regain positive momentum in the days ahead.

Cardano TVL jumps to new all-time highs

Cardano DeFi TVL has reached unprecedented heights, demonstrating greater confidence in the Cardano ecosystem.

Cardano's Alonzo hard fork upgrade, which added smart contract capability to the network, was completed in September 2021. This meant that developers could now create decentralized apps (DApps) on the blockchain, bringing the decentralized finance (DeFi) sector to Cardano for the first time.

Since then, Cardano has witnessed significant inflows into its DeFi ecosystem, reaching new highs in its TVL when measured in ADA. Cardano TVL is worth $201 million in dollars, or $702.79 million in ADA, according to DefiLlama data.

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